Post
Topic
Board Economics
Re: Can Bitcoin be effectively used to curb corruption?
by
Jully Bells
on 30/09/2017, 15:47:35 UTC
Blockchain as we already know, is a public ledger that stores all the recent and past transactions related to the bitcoin or any other cryptocurrency based on this technology. All these transactions are stored in a number of blocks that make up the entire blockchain. Every block is crammed with the recent transactions and it is then added to the blockchain as a permanent database. Whenever a block is completed, a new one is generated. The prime aspect of blockchain that helps fighting corruption is its transparency. The blockchain not just stores all the transactions in a ledger but also makes it accessible to all the nodes in the network thereby providing a transparency to the users. This transparency can be helpful in keeping an eye on the government officials and refraining them from making a wrong use of their power. It can be done by cramming all the financial transactions of the government officials in the blockchain where each block represents an individual bank statement. And since the ledger is shared with all the participating nodes, it is almost impossible to forge or destroy. So in this way, it can be effectively used to curb the widespread corruption in various countries. The only problem with the blockchain technology is the size limitation. And it is only due to this size limitation that it’s very difficult to use the similar blockchain based ledgers in bigger countries like India. Because if we do so, then it would require enormous computing power and larger storage space. But if are able to deal with this storage problem, then blockchain can definitely change the face of a country.